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Facebook Moves Closer to ‘FaceCoin’ Acquiring Its First Blockchain Startup

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Social media magnate Facebook has made an advance in its blockchain effort by way of hiring a blockchain startup that specialize in sensible contracts and facilitating bills. 


Facebook ‘Acqui-Hires’ Chainspace

According to monetary media Cheddar, Facebook has employed a small blockchain corporate known as Chainspace.

In Silicon Valley, this transfer is known as an “acqui-hire” and consistent with the file, 4 of the 5 researchers in the back of the instructional white paper of Chainspace are becoming a member of the social media massive.

Sources acquainted with the topic have informed Cheddar that the startup will probably be shutting down as Facebook has employed maximum of its present staff.

A spokesperson from Facebook has additionally reportedly showed the transfer, relating to a prior observation of the corporate:

Like many different firms, Facebook is exploring tactics to leverage the facility of blockchain era. This new small group is exploring many alternative programs. We don’t have anything else additional to proportion.

A Step Closer to ‘Facecoin’?

In May final yr, Bitcoinist reported that the corporate is purportedly ‘very serious’ about developing its personal cryptocurrency as a way to permit its billions of customers to make digital bills.

Crypto Malware Targets Facebook Messenger

In past due December 2018, nameless assets acquainted to the corporate’s dealings revealed that Facebook is operating on a stablecoin pegged to america buck as a way to permit WhatsApp customers to switch cash.

Chainspace has specialised in development decentralized sensible contracts programs, which might facilitate bills, in addition to different products and services the usage of blockchain-based era.

According to an entry printed by way of one of the startup’s researchers and co-founders, together with Alberto Sonnino, Mustafa Al-Bassam, and George Denezis, “Chianspace is a decentralized infrastructure, known as a distributed ledger, that supports user defined smart contracts and executes user-supplied transactions on their object.”

What do you recall to mind the purchase? Don’t hesitate to tell us within the feedback underneath!


Images courtesy of Shutterstock

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Australia Announces National Blockchain Roadmap and Further Boost to Government Funding

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Australia has unveiled a national blockchain strategy and roadmap, with a boost of AU$100,000 (~$71,200) in further funding from the federal government. The news was announced in a joint media release from two Australian ministries on March 18.

Minister for Industry, Science and Technology Karen Andrews and Minister for Trade, Tourism and Investment Simon Birmingham have jointly stated that the new policy roadmap aims to make Australia’s nascent blockchain industry into a global leader.

The roadmap will encompass the development of blockchain “regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.”

According to the media release, previous blockchain investments from Australia’s liberal national government — under Prime Minister Scott Morrison — have included AU$700,000 (~$500,000) to the country’s Digital Transformation Agency in 2018-19 explore the benefits of using blockchain for government payments, as well as AU$350,000 (~$250,000) to Standards Australia to promote the development of standardized international blockchain standards.

This fresh funding will specifically enable the Ministry for Industry, Science and Technology to sponsor Australian companies to join the Australian Trade and Investment Commission (Austrade)’s mission to the Consensus blockchain conference in New York City later this year.

Minister Andrews has outlined that they “will work closely with blockchain and technology experts from industry and academia […] as well as with CSIRO’s Data61 to incorporate findings from their forthcoming future scenarios report on blockchain.”

As Cointelegraph has previously reported, CSIRO (Commonwealth Scientific and Industrial Research Organisation) is an Australian government corporate entity that undertakes scientific research to advance local industries. Its digital innovation center, Data61, has spearheaded multiple major blockchain projects to date.

In the media release, Minister Birmingham emphasized that the government’s blockchain endorsement will help ensure that “Australia and [its] tech companies stay ahead of the game in one of the world’s fastest growing technology sectors.”

Over the course of the past year, major initiatives have been underway in Australia to integrate blockchain across both the government and the financial sector.

In July 2018, IBM signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other new technologies to improve data security and automation across federal departments.

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Crisis at Crypto Exchanges? Bithumb Announces Cut in Workforce

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Following a series of recent layoffs and closures within the industry, top Korean exchange Bithumb follows suit by announcing it will cut its workforce in half by the end of this month. While the market is currently showing signs of optimism, this news brings an unwelcome reminder to the realities of an extended bear market.“Voluntary Retirement” At BithumbCoindesk Korea broke the news of Bithumb’s plans on Monday 18th March. Details show the company will reduce its existing workforce of 310 employees down to 150. A spokesman for the firm commented:“It is true, voluntary retirement is planned to reduce the total number of employees by 50% by the end of the month.”Bithumb has developed a company-sponsored program to help former employees. The initiative will provide support and training to find new work. However, news of more job cuts in the crypto space is bringing further uncertainty.So Crypto peeps. What’s your guess? How long are we going to continue to endure this bear market? 6 months? 12 months? 18 months?— The Scrooge XPRess (@etnezerscrooge) March 18, 2019
Crypto Exchanges Are Feeling The PinchOnchain Capital CEO, Ran Neuner, stated that crypto exchanges would continue to struggle in the coming year. He takes an unsympathetic view by attributing the difficulties to a lack of business foresight.“I’m expecting more exchanges to shut down in this bear market. Last year everyone rushed to start an exchange. Exchanges require infrastructure that is expensive to maintain and most won’t survive this.”

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Ethereum Price Analysis: ETH Turned Vulnerable Below $140

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ETH price failed to climb above the $140-141 resistance area and declined against the US Dollar.The price even broke the $137 support level and traded to a new weekly low near $135.This is a major bearish trend line formed with resistance at $140 on the hourly chart of ETH/USD (data feed via Kraken).The pair may extend the current downside correction if it fails to surpass the $140 resistance area.Ethereum price is slowly moving into a bearish zone against the US Dollar and bitcoin. ETH is now at a risk of a bearish reaction if it fails to climb above the $140 hurdle.Ethereum Price AnalysisYesterday, we saw the start of a downside correction in ETH price from the $144 swing high against the US Dollar. The ETH/USD pair declined below the $140 support level and traded close to the $137 level. Later, there was an upside correction, but the price failed to clear the $140-141 resistance area. The price also failed to climb above the 61.8% Fib retracement level of the last slide from the $144 swing high to $137 swing low. As a result, there was a fresh drop and the price even broke the $137 support level.A new weekly low was formed near the $135 level and the price is currently correcting higher. It moved above the $137 level and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level of the recent decline from the $141 high to $135 swing low. However, there is a strong resistance formed near the $140 and $141 levels. There is also a major bearish trend line formed with resistance at $140 on the hourly chart of ETH/USD.An immediate resistance is just below $140 and near the 61.8% Fib retracement level of the recent decline from the $141 high to $135 swing low. To resume the last bullish wave, the price must break the $140 resistance and the trend line. If buyers fail to push the price higher, there are chances of a fresh drop below the $135 swing low.Ethereum Price Analysis ETH ChartLooking at the chart, ETH price is currently correcting the last week’s gains from the $128 swing low. It is approaching a couple of important supports such as $135 and $136. Having said that, if it fails to climb above the $140-141 resistance area, there is a risk of a downside correction below $135.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly gaining pace in the bullish zone.Hourly RSI The RSI for ETH/USD spiked above the 50 level and it is currently moving higher towards 60.Major Support Level – $135Major Resistance Level – $140

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Crypto Market Testing Crucial Support: XLM, Bitcoin Cash, EOS, TRX Analysis

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The total crypto market cap corrected lower recently and tested the $132.0B support area.Bitcoin cash price started a downside correction after testing the $165 resistance.EOS price is slowly moving lower towards the $3.70 support level.Stellar (XLM) price is up more than 4% and broke the $0.1120 and $0.1140 resistances.Tron (TRX) is currently flat near the $0.0230 support level.The crypto market is trading above key supports, with range moves in bitcoin (BTC) and Ethereum (ETH). Stellar (XLM) gained traction, while BCH, EOS, ripple and tron (TRX) remain supported on dips.Bitcoin Cash Price AnalysisBitcoin cash price climbed higher recently and settled above the $150 and $160 resistances against the US Dollar. The BCH/USD pair tested the $165 resistance and later started a downside correction. The price tested the $162 level and it seems like it could test the $160 support in the near term.If there is a downside break below the $160 support, the price may decline towards the $150 swing support. On the upside, the $165 level is a strong resistance, above which the price may test the $170 level.Stellar (XLM), EOS and Tron (TRX) Price AnalysisEOS price failed to stay above the $3.80 pivot level and corrected lower recently. It traded below the $3.78 level and tested the $3.75 support. If there are additional downside, the price could revisit the key $3.70 support level before another increase.Stellar price was one of the best performers as it gained traction above the $0.1110 resistance level. XLM price broke the $0.1120 and $0.1140 resistance levels to move into a positive zone. It is currently up around 4% and it may continue to climb towards the $0.1160 and $0.1180 levels.Tron price extended range moves below the $0.0240 resistance level. TRX price recovered recently and moved above the $0.0230 level. At the moment, it is trading in a tight range, with an immediate resistance at $0.0232. The main resistances are near the $0.0235 and $0.0240 levels.Crypto Market Cap Stellar XLM EOS Bitcoin Cash TRXLooking at the total cryptocurrency market cap hourly chart, there was a downside correction from the $137.0B swing high. The market cap declined below the $135.0B support level. However, the $132.0B support and the 100 hourly simple moving average acted as strong supports. Besides, there is a key connecting bullish trend line in place with current support at $133.0B on the same chart.If there is a downside break below $133.0B and $132.0B, the crypto market could gain bearish momentum. On the upside, a break above the $135.0B and $137.0B resistance levels is must for a fresh upward move in bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins in the near term.

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Governments Brave Heartedly Invest in Crypto Despite 2018’s Blunder

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Many would nod to the fact that 2018 was not a great year for crypto investors. But that hasn’t deterred governments from putting taxpayers’ money into this vortex of permissionless recordkeeping technology.In just two weeks, the crypto industry received investment commitments from two countries. On March 6, the Argentinian government announced that it would invest in early stage blockchain startups backed by Binance’s venture capital wing. And on March 18, the Australian government unveiled a national blockchain roadmap and committed $AU100,000 to it.Argentina government 1:1 match our investments for blockchain projects. Kudos to Argentina! Adoption! https://t.co/yBhKm1pJNQ— CZ Binance (@cz_binance) March 6, 2019
Blockchain and Crypto for National GrowthBoth Argentina and Australia are high on incubating startups in the blockchain space, by providing them a proper dose of reasonable regulation and financial mentorship. It is vital to realize that their governments also look at blockchain as a tool to generate high-income jobs for citizens. That explains why those countries have expressed an adamant interest in becoming a global blockchain leader.Australia’s Minister for Trade, Tourism and Investment, Simon Birmingham, said that their country was already developing blockchain tools for a wide range of industries, including agriculture, fintech, resources, and services.“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage,” Birmingham added.Binance made a similar projection for their Argentinian incubation center, stating that they would mentor local startups through the development and finding them “a product-market fit.” The announcement followed Argentina’s history of restrictive banking that ultimately led to a surge in the number of local blockchain and crypto startups.A Blind Bet?As more and more countries start brewing their local blockchain hubs, skeptics doubt if any of these investments would innovate data management on the ground. The history of blockchain is full of failures – from small startups raising millions and billions of dollars using jargon-rich business proposals to their eventual deaths. Meanwhile, the ones that have made to the list of reliables are accused of taking away the critical ingredient of blockchain altogether: the decentralization.So far, bitcoin is the only project that stands true to the concept of the decentralized blockchain. Even Ethereum, a genuinely remarkable blockchain project, was semi-centralized in the beginning.

That leaves the governments with the question: are they investing in something that would innovative decentralization, or, like many skeptics believe, a million dollar private database? While the answers are as difficult to find as was in the early days of the internet and cloud computing, the countries’ willingness to give blockchain a try sets a good precedent. They realize that there are still problems that traditional technologies cannot address. Billions of peoples are still without a bank account or a digital identity. Millions of voters are still unable to cast their votes. Thousands of potential investors cannot access mainstream markets. The problems are too many to address, with blockchain proposing a solution for each one of them.

Yes, blockchain is a government’s blind bet. But so was space, internet, online banking, and whatnot. Let’s take a leap of faith and believe.

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